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Foord International Feeder Fund

CLOSED TO NEW INVESTMENT

For conservative, absolute return-oriented investors in global markets

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INVESTMENT OBJECTIVE

The fund aims to achieve meaningful inflation-beating US$ returns over rolling five-year periods from a conservatively managed portfolio of global investments reflecting Foord's prevailing best investment view.

FOR SOUTH AFRICAN INVESTORS

•    With a moderate risk profile
•    Requiring diversification through investments not available in South Africa
•    Seeking to hedge rand depreciation.

Performance

Returns
Year Fund Return % Benchmark Return % SA Inflation %
2006 (from 01/Mar) 24.9 28.4 5.0
2007 9.2 4.6 8.9
2008 12.6 -19.0 9.5
2009 -6.9 -1.4 6.3
2010 -1.7 -1.6 3.5
2011 19.1 15.9 6.1
2012 16.4 22.3 5.7
2013 42.5 57.7 5.4
2014 8.7 16.3 5.3
2015 36.1 33.3 5.2
2016 -10.5 -3.9 6.8
2017 4.2 10.9 4.7
2018 4.1 6.4 4.5
2019 14.5 25.3 4.0
2020 (to 30/Sep) 17.1 22.2 2.6

Characteristics
Benchmark

To achieve meaningful US inflation-beating ZAR equivalent returns over a full investment cycle.

Time horizon

Longer than three years.

Inception date

1 March 2006

Minimum investment

R50 000 lump sum or R1 000 per month

Significant restrictions

The portfolio may only invest in cash and one other collective investment scheme.

Income distributions

The Foord International Fund, in which the fund invests, does not distribute its income.

Income characteristics

Marginal to zero income yield as the Foord International Fund is a roll-up fund and does not distribute its income.

Portfolio orientation

Fully invested in the Foord International Fund, sub-fund of Foord SICAV, domiciled in Luxembourg.

Risk of loss

Currency volatility means risk of loss in the short term is high. In general, the risk of loss is lower than that of the average foreign equity fund.

Top 10
Security description Asset class Market Portfolio weight %
FMC Corp Equity US 9.4
ETFS Physical Gold Commodity GB 7.9
Nagacorp 9.375% 21/05/2021 Bond SG 6.1
Nestle Equity CH 5.9
US Treasury 2.75% 30/11/2020 Bond US 4.6
Roche Holding AG Equity CH 4.6
Wheaton Precious Metals Corp Equity US 4.5
SSE PLC Equity GB 4.5
Alphabet Inc Equity US 4.0
CVS Health Corp Equity US 3.8
Commentary

Monthly Commentary – September 2020

  • Developed market equities (-3.4%) retraced from a five-month rally that had been ignited by a robust recovery in many high frequency economic indicators—on worries that high unemployment levels and expiring stimulus measures could weight on growth
  • Global developed market sovereign bond yields fell modestly—at its mid-month meeting the US Federal Reserve signalled continued dovishness with no rate hikes expected until 2023
  • The US dollar strengthened against the euro (-1.9%) and British pound (-3.4%)—the risk off sentiment bolstered the US dollar and Japanese yen (+0.5%), both viewed as safe-haven currencies
  • After months of sizeable gains, precious metals including silver (-13.3%) and gold (-4.1%) retreated—while concerns about the sustainability of any rebound in demand and dearth of travel weighed on the oil price (-9.6%)
  • The fund’s holding in leading gold and silver streamer Wheaton Precious Metals (-8.1%) and ETFS physical gold (-3.6%) detracted from performance on precious metals weakness—the S&P 500 hedges contributed the most to performance as that index fell
  • The managers favour equities but continue to employ the fund’s S&P 500 hedges to mitigate risk and dampen probable volatility—the imminent US elections, increasing geopolitical tensions and early indications of rising COVID-19 infection rates in the US and Europe could each materially weigh on markets
  • The rand (+1.1% vs the US dollar) gained materially against the dollar but lost ground latterly—on risk off sentiment as fears of renewed European COVID-19 lockdowns mounted
Fees

The standard charge rate is a fixed fee of 0.35% plus VAT. A 1.00% annual fee is levied in the Foord International Fund.

WHAT IF YOU HAD INVESTED WITH US IN THE PAST?


Experience the compounding phenomenon of a sustained, long-term investment with Foord.

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Currency
Using rand returns of Foord’s best investment view South African funds. ? In calculating the current value of your hypothetical investment, we have applied the returns of Foord Asset Management’s retirement fund track record from 1 January 1990 to 31 March 2008 (gross of fees) combined with the net returns of the Foord Flexible Fund of Funds from 1 April 2008. Any information provided is not intended nor does it constitute financial, tax, legal, investment, or other type of advice, and the suitability or potential value of any information or particular investment source is not guaranteed. Performance may be affected by changes in the market or economic conditions and legal, regulatory and tax requirements. Distributions may be subject to mandatory withholding taxes. Foord does not provide any guarantee either with respect to the capital or the performance return of investments.
Using US dollar returns of Foord’s best investment view global fund. ? In calculating the current value of your investment, we have applied the long-term returns of the Foord International Trust. These returns are calculated net of fees. Past performance is no guarantee of future performance. Foord Asset Management (Singapore) Pte. Limited disclaims any liability for any loss, liability, or damages (whether direct or consequential) of any nature whatsoever that may be suffered as a result of, or which may be attributable, directly or indirectly to the use of or reliance upon the information provided.
Value Today: R0
Annualised Return: 0%
The annualised return is the effective annual percentage return achieved over the term of the investment. Results for an investment term of less than one year should be treated with caution.

Insights

02 Sep 2020

Investment Insight - In Conversation with Dave Foord

Dave Foord talks to Nedgroup Investments’ Rob Johnson about the events that unfolded over the last nine months and what experiences have helped him navigate the current situation.

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31 Aug 2020

The More Things Change...

The COVID-19 pandemic has dramatically and swiftly changed our living routines and operating habits. Future gazers have opined on how much of our daily lives will change permanently. But Foord Singapore analyst JC…

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